Maria Paula Arenas
Vice President of Investment
ProColombia
US Investment Advisor
aecheverri@procolombia.co
LATAM FDI: Hello. Welcome to this episode of the LATAM FDI podcast. In these recordings, we have the good fortune of speaking to economic development and business professionals in Latin America about foreign direct investment topics. Today, we’re pleased to have Maria Paula Arenas with us. She is the Vice President of Investment for ProColumbia. Hello Maria Paula. How are you today?
Maria Paula Arenas: Excellent, Steven. It’s a pleasure to meet you and join you today. We are eager to discuss the assorted opportunities available to investors in Colombia.
LATAM FDI: Before we begin, please introduce yourself and your organization, ProColumbia.
Maria Paula Arenas: Yes, of course, Steven. My name is Maria Paula Arenas. As you told everyone, I’m the Vice President of Investment at ProColombia. I have experience at Colombia’s Ministry of Foreign Trade, Industry, and Tourism. I want to tell you what Procolombia is like. Procolombia is a Colombian investment promotion agency.
Additionally, it promotes exports and non-mining exports to attract investments and tourism. This entity is linked to the Ministry of Trade, Industry, and Tourism. First of all, as I mentioned, we promote Colombia worldwide. Additionally, we implement public policies, primarily those issued by the Ministry of Trade, Industry, and Tourism.
LATAM FDI: You have an excellent organization that works to attract foreign investment in Colombia. With that in mind, can you tell us which economic sectors attract foreign investors who come to you for advice?
Maria Paula Arenas: Yes, of course, Steven. This is important for you to know and for everyone to be aware of. We have seen and followed, of course, our national development plan. There are economic sectors where investors can find opportunities. But I will mention five. We have the agro-industrial sector. We have pharmaceuticals and health issues in various sectors. We have Astilleros, which are aeroespacial. We have the infrastructure, of course. And we have renewable energy. I want to mention one additional point, which is very important for us as a sector to attract investment and also serves as an enabler to attract investment: services and added-value services. So those are the main sectors where investors can find specific and vital growth.
LATAM FDI: You mentioned the energy sector in which you’re working to attract investment. Can you tell us about the transition and reindustrialization happening in Colombia, how the energy sector fits into that, and what your sustainable focus is?
Maria Paula Arenas: Yes, of course. The first thing to note is that the point of departure is that we now have a range of industrialization policies, and the renewable energy sector has been included in this reindustrialization plan as a public policy. This is one of the key points of departure, and another point that highlights the importance of this sector in Colombia is that it is included in our National Development Plan. It means we have a long-term and a short-term plan, like a roadmap, to make this transition. And I want to highlight this because, of course, this transition takes time. It takes a lot of effort. Colombia is trying to make this possible, and, of course, bearing in mind that it takes time. The important thing is that we now have a roadmap.
Another critical point is that Colombia has one of the cleanest energy matrices in the world. This is a natural resource. It is our most significant added value for this sector, particularly in the context of the energy transition.
The Ministry of Mines and Energy is building a roadmap that has already been established. What we do at Procolombia is to promote this roadmap, informing investors about the current and future opportunities available to them. This is important for you to know, Steven, because transition takes time and a lot of effort, as I mentioned earlier. However, what we want to do with investors is tell them the truth about their opportunities in Colombia. It is essential for us in Colombia to promote this.
LATAM FDI: Besides mentioning the opportunities in the sustainable energy sector, do you have a specific strategy for pursuing them?
Maria Paula Arenas: In ProColombia as a promotion agency? Of course, I would explain what we do in ProColombia. Those are our competencies. What we do, of course, is to tell investors. First, ProColombia has twenty-four offices worldwide, including eight in Colombia, located in various regions throughout the country. We work together to attract new investors first and then join and follow our existing investors who are already investing in Colombia. One of our main strategies is to reach investors interested in those sectors. It is also essential to maintain those that are already installed in Colombia. So, this means we are not trying to leave them alone, the ones already installed in Colombia. And, of course, in this work and this task, what we do is to show them the realities, the Colombian realities, meaning the opportunities they have. We have solar energy opportunities, primarily in hydroelectric energy, as well as photovoltaic energy. What are Colombia’s advantages, what Colombian legislation is essential for them to do, and what are their incentives? They can be found in Colombia because, in this sector, we offer incentives and tax benefits.
We follow them if they have any questions or doubts they want to solve. We try to help them solve them. Another thing we do is find allies for them, such as Colombian enterprises and projects, meaning Colombian entities are entitled to attract and implement policies related to the energy transition. You know that Ecopetrol is one of Colombia’s leading players in the renewable energy sector. So, we are like a breach. We identify and match the leading players with their interests.
LATAM FDI: You mentioned earlier that, in addition to your domestic offices, you have eight overseas offices, I’m sure. Other than those two areas, where can people meet you? Do you travel and participate in international events? In particular, can you tell me a little bit about the Colombian Investment Summit?
Maria Paula Arenas: Yes, this is important. One of the primary services we offer at ProColombia is establishing a presence at the main events in each sector. This means that we have a presence in energy transition and are present in most of them. It just asked about the Colombia Investment Summit. This is a significant event that we host at ProColombia. It’s like a brand of this vice presidency. But I have to tell you something. We have been facing budgetary challenges here at ProColombia and in Colombia. We are trying to allocate and manage our budget in a cost-efficient manner. We aim to elevate this year’s Colombia Investment Summit to something more significant than the previous one, a business matchmaking forum. The event will take place in Cali in July. This is very important, Steven, because ProColumbia promotes investment, exports, and tourism, as I mentioned. We will also host this forum in Cali, focusing on these three axes. It will take place on July 8 and 9, 2025.
Please note that you’re more than welcome to attend this event. We are trying to make a Colombia Investment Summit in Cali. We have an academic agenda, but more importantly, we will also have a business matchmaking movement during the session. It will be essential. We had a similar experience in November of last year in Mexico. It was very successful. However, this time, in terms of investment, we also have an academic agenda, which serves as a brand when we host the Colombian Investment Summit. So, this is very important. Thank you for that. This is an opportunity to invite you, our listeners, and the audience to come to Cali and Colombia to attend this significant event.
LATAM FDI: Well, thank you very much. I know you’ll have good attendance. That being the case, in addition to the United States, which I would guess is your country’s most prominent trade partner, what other countries are significant investors in Colombia?
Maria Paula Arenas: Yes, of course. I want to emphasize that the United States is our leading trade and investment partner. This is like a dual ally for us. However, I will also tell you we have other vital partners like Spain. And Spain is Colombia’s first investor, our first non-mining investor. It’s an important country for us in terms of investment. We have France, the United Kingdom, Chile in Latin America, Canada, Mexico, Germany, and Brazil, among others. However, the United States and Spain are the leading investors.
LATAM FDI: Regarding the United States, what is ProColumbia’s current strategy for appealing to an American investor audience?
Maria Paula Arenas: It is important to note, Steven, that the United States is a key ally for us, particularly regarding investment and trade. As I mentioned, our approach at ProColumbia is to first connect with investors, attract them, and inform them about Colombia and its opportunities. This is our task, and we need to inform US investors about the truth regarding Colombia and the opportunities it offers. We do this task, and we will continue to do this. And, of course, something significant I mentioned to you is that for the already established investors in Colombia, what we want to do at ProColombia is to join them and follow their lead. We want them to know they will still be with us once they arrive in Colombia. We will follow them. Many times, you encounter difficulties in continuing your investments. You need more information. For instance, you need to know more about new regulations as an investor. In ProColombia, we aim to do this by informing investors and helping them understand these concepts.
We do this, and we will continue to do it. This is what we call our after-care service, and we are here to provide it.
LATAM FDI: You look at the US from a macro perspective. However, I know you’re considering partnering with local organizations in the United States, particularly the North Carolina and Indianapolis Chambers of Commerce. What do you do with regional entities like these to promote Colombia?
Maria Paula Arenas: Excellent question. This is an essential question because this is new. Thanks to our team in the US, who are joining us today for this interview. They help us and are committed to helping ProColombia fulfill our tasks. We have established a Memorandum of Understanding (MOU) within the North Carolina Chamber of Commerce to foster a strategic alliance emphasizing trade and investment relations between Colombia and North Carolina. So, it’s new, and it’s new because, of course, when you think of North Carolina, in the past, we may have seen it as very far away, yes, but now we see all the opportunities and all the things we can do together. And This MOU shows this. For instance, the MOU includes enhancing trade and business relations, developing and supporting platforms, implementing a detailed action plan, and facilitating joint advisory services, training programs, trade missions, events, and exhibitions. At ProColombia, this is an excellent start to achieving more significant goals.
LATAM FDI: Well, I’m located in Tucson, Arizona. Have you ever explored any collaborations with Arizona?
Maria Paula Arenas: We have to look closer to this, and we will do that.
LATAM FDI: Well, it’s a wonderful place to visit, Anna. If you do, we will do the same.
Maria Paula Arenas: Yes, it’ll be significant for us, and we’ll be there to join you.
LATAM FDI: One of the consistent themes throughout these conversations, which I have the good fortune of having with people like you, is that often, after listening to the recording, the audience has questions. I like including a mechanism on the website that enables people to send questions directly to you.
Maria Paula Arenas: Yes, of course.
LATAM FDI: If someone has a question about any topics we’ve discussed, can they contact you? If so, how should they do that?
Maria Paula Arenas: Of course. Feel free to do so. You can contact me at our Miami or New York, United States office. We have great people in ProColombia and our team here in Bogotá. So, feel free to do so.
LATAM FDI: Is there an email address that I could publish?
Maria Paula Arenas: Of course, you can do that.
LATAM FDI: Okay. I’d also like to include a link to your LinkedIn profile. Would that be okay?
Maria Paula Arenas: Yes, of course. Okay. We can send it to you. Of course, we have one.
LATAM FDI: Well, listen. I want to thank you. I know that you’re a very important and busy individual.
Maria Paula Arenas: No, not at all. It’s been a busy day, I will tell you. Today it’s been a busy day. But of course, we’re here. I am here, and I want to thank you because these spaces allow us to convey the realities and assure investors that they can count on us. They can count on ProColombia to arrive in Colombia and to still believe in Colombia. So, thank you, Steven. Thank you.
LATAM FDI: Well, thanks for participating. I hope the rest of your day is slightly less hectic than it’s been.
Maria Paula Arenas: No, thank you. I appreciate your and my team’s efforts.